The Labour Government

There was a thoughtful model that a few universities were using that was in the public domain for a fair while, last time I looked for it the link was broke but I'll try and find it. But if I just take my own life...

Born white western european male at a time when that was still like winning the lottery (still not a bad gig even today).

Born to working class parents who were determined that I had a better education and prospects than they did and were prepared to make sacrifices for that to happen. Something that didn't happen for a number of my equally capable friends.

Raised in a council house where there was surety of tenancy and so no real disruptions to family life. Despite also raising a severely disabled son, my parents managed to always keep the wheels on the road and a stable family environment.

Born at a time when social mobility was seen as important so able to get a free higher education and a means tested living allowance.

Through higher education, developed a more rounded understanding of what the world offered and without even being aware of the words, built up social and cultural capital that I was then able to use to gain some economic capital.

First good job I got, there were way better candidates than me but I just hit it off with the interviewers and they offered the job to me when it should probably have gone to others.

2 years into that job, the team I was leading made a fairly catastrophic error. Had my boss been the person I was working for 3 months earlier, I 100% know I'd have been thrown under the bus and fired. But my new boss told me to go home and do nothing while he peeled the MD off the roof.

A company I was working for was bought by a US company and in an early management meeting the simple fact I had a British accent meant that at the point everyone was arguing about something, my voice cut through and within a couple of years I had an exec position.

I could go on but I think the reality is that life is full of both big and small sliding door moments. I also think people often have access to a variety of social and cultural advantages that they don't even realise are advantages.

I'm doing ok but none of that's really down to me if I'm honest. I've messed up as many times as I've done a good job. I wasn't born with a silver spoon in my mouth but I was born into a loving environment with strong values at a time when a commitment to social mobility was peaking. I was able to take advantage of that and I've been in the right place at the right time at a number of points in my life and when things have gone wrong I've had always been blessed to have someone or something to fall back on.
I get the sliding doors comment. Thats a HUGE part of life but i also think sliding doors IS life , its just how it os and isnt down to luck as such
Me and my wife both had dates on the night of our first date but cancelled them then met . 15 years and 2 kids later ..

But im not sure most successes in life can be just put down to luck.
I was thinking of the lads i know who wre successful and have a few quid and for most of them its through pure graft. One example is a lad with a big removal company and he started out just him and a tranny van. The others are the same , they grafter their bollocks off.

Im self emp and do ok but through CHOICE i keep my business at the level it is as i dont want the stress that comes with expanding.
So if i did expand (which i could), became successful, is that down to luck or choice?

Ps you put your side of the debate down very well, me not so much, so be gentle
 
I'm not sure that that article was referencing the global corporation tax agreement. However the rate I saw discussed which was 15% is way too low imo.

https://en.wikipedia.org/wiki/Global_minimum_corporate_tax_rate#:~:text=The global minimum corporate tax,the OECD/G20 Inclusive Framework.

At the time I read that Sunack voted for this 15% global rate when Chancellor, I did read that the US wanted it placed at a higher rate of 20%. But he and others objected. Shortly afterwards Sunack raised UK corporation tax rates for SMEs to 25 to 40%. It was of course pure coincidence that Sunacks wife Akshata Murty is a billionaire share holder in a multinational company.
The 15% proposal is for a minimum level. It is designed to stop international competition by non taxation. Countries will be free to charge greater amounts if they wish.
 
The 15% proposal is for a minimum level. It is designed to stop international competition by non taxation. Countries will be free to charge greater amounts if they wish.
Yes I understand that, at the time Sunack was happy with 15%. Let's hope Labour bring that level up to 25% , the rate for UK SMEs. Do you think they will, I have serious doubts myself.
 
Yes I understand that, at the time Sunack was happy with 15%. Let's hope Labour bring that level up to 25% , the rate for UK SMEs. Do you think they will, I have serious doubts myself.
No. It will be left at 15%. I suppose that is likely to become the norm, which certainly is far too low.
I would be inclined to abolish taxes on production, such as N.I., give 100% relief to certain capital investment such as A.I., and increase taxes on profits, while stopping up work rounds such as transfer pricing and selling I.P. intra group.
 
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No. It will be left at 15%. I suppose that is likely to become the norm, which certainly is far too low.
I would be inclined to abolish taxes on production, such as N.I., and increase taxes on profits, while stopping up work rounds such as transfer pricing and selling I.P. intra group.
Tbh I don't understand the last two yoh mentioned, transfer pricing and IO intra group ??
 
And hopefully a review of the Council Tax system so that it doesn't stop at band H....And those that live in massive houses start to contribute .
Poll tax saved the landed gentry millions by abolishing the rates (at heart a tax on the value of land). Council tax is ostensibly a charge for services but it's still a rich man's scheme for redistribution of wealth to the rich.
 
Tbh I don't understand the last two yoh mentioned, transfer pricing and IO intra group ??
I invent a gizmo that improves my production efficiency. I sell the intellectual property rights to a company in the same group which I have established in a low tax country. I then pay a royalty to use my own gizmo. Of course, that royalty is, say, 75% of the cost. Magic, I make minimum profit here and pay no corporation tax while my group pal pays just 10% profits tax in his little haven.
IKEA do this, the designs of their furniture are owned by a group co in Monaco. Ireland and Holland made a fortune by hosting the I.P. companies. Starbucks buy their coffee at hugely inflated prices from their group co. in Holland.
City tried this, setting up a co in CFG to own our kit designs and sell them to us and all the other teams in CFG. In our case it was designed to increase our income thru the sale of the IP to CFG. I think the PL outlawed this via ffp.
 
I invent a gizmo that improves my production efficiency. I sell the intellectual property rights to a company in the same group which I have established in a low tax country. I then pay a royalty to use my own gizmo. Of course, that royalty is, say, 75% of the cost. Magic, I make minimum profit here and pay no corporation tax while my group pal pays just 10% profits tax in his little haven.
IKEA do this, the designs of their furniture are owned by a group co in Monaco. Ireland and Holland made a fortune by hosting the I.P. companies. Starbucks buy their coffee at hugely inflated prices from their group co. in Holland.
City tried this, setting up a co in CFG to own our kit designs and sell them to us and all the other teams in CFG. In our case it was designed to increase our income thru the sale of the IP to CFG. I think the PL outlawed this via ffp.
Ah got you, thanks. I was a little aware of this but didnt know much about it. As you say it's all linked and part of the legal tax avoidance schemes that international big busines use to avoid paying the going rate.

Out of interest , why do you think Starmer and Reeves will leave the tax rate for international business at 15% and not increase it ?
 
Ah got you, thanks. I was a little aware of this but didnt know much about it. As you say it's all linked and part of the legal tax avoidance schemes that international big busines use to avoid paying the going rate.

Out of interest , why do you think Starmer and Reeves will leave the tax rate for international business at 15% and not increase it ?
Competing with other international businesses where 15% is paid. Our balance of payments is chronically negative, so we need more exports. Upping the tax rate and, therefore, the prices is not a good idea.
 
I invent a gizmo that improves my production efficiency. I sell the intellectual property rights to a company in the same group which I have established in a low tax country. I then pay a royalty to use my own gizmo. Of course, that royalty is, say, 75% of the cost. Magic, I make minimum profit here and pay no corporation tax while my group pal pays just 10% profits tax in his little haven.
IKEA do this, the designs of their furniture are owned by a group co in Monaco. Ireland and Holland made a fortune by hosting the I.P. companies. Starbucks buy their coffee at hugely inflated prices from their group co. in Holland.
City tried this, setting up a co in CFG to own our kit designs and sell them to us and all the other teams in CFG. In our case it was designed to increase our income thru the sale of the IP to CFG. I think the PL outlawed this via ffp.


The NIKE model...... a company owns the brand / logo and is based in Bermuda (a tax haven) . The shoes are manufactured by a company based in the Netherlands. The trainers are (obviously) sold world wide. Each year the manufacturing company pays the company that owns the brand royalties (every penny of profit) which is then distributed to its shareholders. Next to no tax is paid in the Netherlands and similar in Bermuda.

 

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